KUALA LUMPUR: MISC Bhd's pre-tax profit for the second quarter ended June 30, 2014 declined 0.9 per cent to RM344.563 million from RM347.613 million in the same period a year ago.
Revenue, however, rose 11.1 per cent to RM2.54 billion from RM2.28 billion due to higher revenue in heavy engineering following progress of projects in hand during the quarter.
MISC in a filing to Bursa Malaysia said its pre-tax profit for the half-year to June 30, 2014 grew 25.2 per cent to RM872.43 million from RM696.76 million in the same period in 2013 while revenue rose 3.5 per cent to RM4.83 billion from RM4.66 billion previously.
"Improved freight rates in petroleum business and higher earning days in liquefied natural gas business were the main contributors to the increase in group revenue.
"However, a smaller fleet of operating vessels in chemical business and lower revenue recognised by heavy engineering in the current year, from different phases of project construction, partially negated the increase in group revenue," MISC added.-- Bernama